1st Dec 2005 16:21
Punch Taverns PLC01 December 2005 NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA,JAPAN, SOUTH AFRICA OR THE UNITED STATES Punch Taverns plc Punch prices offerings of £275 million Convertible Bonds and 8.7 million shares 1 December 2005 Punch Taverns plc ("Punch") announces, further to its announcement this morning,that it has now priced its offering of £275 million in aggregate principalamount of Convertible Bonds due 2010 (the "Bonds") and has successfullycompleted the placing of 8,721,000 ordinary shares (the "Placing Shares"),representing approximately 3.4% of Punch's issued share capital, withinstitutions. The Placing Shares were priced at 860p per Placing Share raising gross proceedsof approximately £75 million. Payment for and settlement of the Shares isexpected to occur on 8 December 2005. The Bonds were priced at par and will pay a coupon of 5.00% per annum payablesemi annually in arrear. The Bonds will initially be convertible into anaggregate of approximately 23.3 million ordinary shares. The conversion premiumwas set at 37.00% above the price of the Placing Shares. The initial conversionprice is £11.782 per ordinary share. The conversion price will be subject toadjustment from time to time upon the occurrence of certain events. Payment forand settlement of the Bonds is expected to occur on 14 December 2005. Unlessprevious converted or redeemed (and assuming settlement on 14 December 2005),the Bonds will be repaid at 107.2 per cent of their principal amount on 14December 2010. The aggregate gross proceeds of the offerings are expected to be approximately£350 million. The net proceeds of the offerings will be used to finance in partPunch's acquisition of Spirit Group Holdings Limited. Application will be made for the Placing Shares to be admitted to the OfficialList maintained by the United Kingdom Listing Authority and the admission of thePlacing Shares to trading by the London Stock Exchange ("Admission"). This announcement is not for publication or distribution, directly orindirectly, in or into the United States, Australia, Canada, Japan or SouthAfrica or any jurisdiction in which such publication or distribution isunlawful. This announcement is for information only and does not constitute anoffer or invitation to acquire or dispose of securities in the United States,Australia, Canada, Japan or South Africa or any jurisdiction in which such offeror solicitation is unlawful. Neither the Bonds, the Placing Shares, nor theshares to be issued on conversion of the Bonds, have been or will be registeredunder the U.S. Securities Act of 1933, as amended, and may not be offered orsold in the United States unless they are registered or exempt fromregistration. This announcement does not constitute an offer to sell or the solicitation of anoffer to buy any Placing Shares or Bonds. This announcement is directed only at persons who (i) are outside the UnitedKingdom or (ii) have professional experience in matters relating to investmentsor to whom this announcement may otherwise be directed without contravention ofsection 21 of the Financial Services and Markets Act 2000 (all such personstogether being referred to as "Relevant Persons"). This announcement is directedonly at Relevant Persons and must not be acted on or relied on by persons whoare not Relevant Persons. Any investment or investment activity to which thisannouncement relates is available only to Relevant Persons and will be engagedonly with Relevant Persons and the securities referred to in this announcementwill be issued only to relevant persons. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC